Luxury & Finance (6-12-2016)

1. Luxury & Finance
December 6, 2016
Palazzo Mezzanotte (Milan)
We should all feel nothing but shame for the
reputation that finance has earned itself in
the last few years, but if you manage to guide
healthy capital from successful businesses
and the assets of families that wish to invest
them intelligently in companies that want to
grow, you are genuinely doing one of the
most beneficial jobs in the world.
@TamburiTip

2. Tip – numeri chiave
2
Listed companies Private companies
Listed on Nasdaq
~90 million Euro ~50 million Euro ~6 million Euro
~100 million Euro*
Investments including club deals
~30 million Euro ~50 million Euro
~ 400 million Euro ~ 200 million Euro ~ 300 million Euro
~40 million Euro ~120 million Euro
15+15 million Euro ~30 million Euro
~10 million Euro
(Convertible notes)*
~200 million Euro ~75 million Euro~25 million Euro
~8 million Euro
advisory
Asset Italia
Tamburi Investment Partners S.p.A.
~10 million Euro
(vendor loan)
*shares, bonds / mand. conv. bond
*Provided to management investment vehicle

3. Tip – numeri chiave
Total return T.I.P.
(last 5 years)
3
11 YEARS FROM LISTING 5 YEARS RETURN
(*) Consensus value – for listed companies – reported on Bloomberg
(**) TIP value is calculated considering the price as at 31/10/2016, the dividends
distributed (in case of re-investment of proceeds in TIP shares on the ex-date), the
value as at 31/10/2016 of treasury shares attributed for free, the price of
warrants 2010/15 on the last trading day and the price as at 31/10/2016 of
warrants 2015/20
(**)
as at 2/12/2016
Yearly average T.I.P. total return
(5 years)
total return T.I.P.
(one year)
total return T.I.P.
(from December, 31 2014)
Performance warrant T.I.P. 15-20 vs
reference price as at listing
+163,0%
+32,6%
+6,8%
+39,3%
+136,8%
Asset class 9/11/05 31/10/16 Cash multiple
TIP 1,8 4,9 2,75 x
S&P500 1.218,6 2.126,2 1,74 x
S&P global property 146,2 185,4 1,27 x
S&P global luxury 975,7 1.923,9 1,97 x
S&P private equity 139,6 116,1 0,83 x
Gold 461,4 1.273,7 2,76 x
Silver 7,6 17,8 2,34 x
Brent 59,7 46,9 0,78 x
USD 0,8 0,9 1,07 x

4. Tip – numeri chiave
Free distribution of warrants 2015 – 2020
4
58 mln Euro
31 mln Euro
15 mln Euro
>20 mln
Euro
~20 mln
Euro
1. N. 13.3 millions of warrant freely given in 2010; performance of 3,369.6% since the distribution.
2. «Value» of warrants freely given in July 2015 to be exercised within 2020 for a maximum amount of
200 million Euro (equal to capital increases in case of exercise); performance from listing to
December 2, 2016 of +136.8% (imp. yield of 2.9%)
1
2
Dividend distributions since the IPO
Buy back of treasury shares since the IPO
Free distribution of treasury shares
Free distribution of warrants 2010 – 2015
11 years
public

5. Tip – numeri chiave
5
Asset Italia
Tamburi Investment Partners S.p.A.
2,5 billion Euro
considering club deals and committed capital
focus
Target revenues
between 30 and
200 million Euro
Equity size x deal
Between 20 and 60
million Euro
Target revenues
> 200 million Euro
Equity size x deal
> 30 million Euro
Investments done
> 290 million Euro
Residual capital to
be invested
> 80 million Euro
Committed capital
550 million Euro
Over 1 billion to be invested in the next few years
(excluding warrant TIP 15-20 capital increase)
Revenues
> 200 million Euro
Equity size x deal
< 30 million Euro
Investments done
> 1,5 billion Euro
Pipeline of about 30 investments out of which 5 under intense negotiation

6. Tip – numeri chiave
* Convertible note provided to management investment vehicle
** Including the investment in Furla announced on May 2, 2016 and exclujding 550 million Euro of committed capital for Asset Italia
6
2015
Investments / club deals
Divestments (TIP stake)
18,4
62,5 3,1
~ 20 4,1 4,0
Data in million Euro
~ 40
~ 18
~ 8
~100 13,4
2016
15,1
Investments done including Club Deal
(million Euro – at cost) **
Divestments for about 300 million
Euro over the period
Capital gains of about 110 million
Euro over the period
Capital gains obtained in more than
80% of divestments
~15
~11 9,3 ~5
125
146
239
116 47
157
129 46
124
279
175
191
1.774
2002-'05 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total
*

7. Tip – numeri chiave
7
Team
More than 40 years of professional
experience in investments and
financial advisory. A team of about
20 professionals strongly focused
on results
A unique network
Direct access to a unique
network of about 150
entrepreneurial families
able to provide uncommon
industrial know how
Advisory
A partner with a long time
experience in M&A and
financial advisory able to
give a real support to the
entrepreneur
Governance
Deep understanding of
family dynamics and ability
to simplify governance.
Alignment of interest with
entrepreneurs that retain
the operating management
No exit predetermined:
create value is the
only target pursued
Long term
partner
Lean and fast investment
process

8. Tip – numeri chiave
8
Continuous support in M&A
Since its first investment in 2007 TIP has always
supported Bolzoni in its growth strategy also
based on M&A.
Support also during market
stock dowturns
TIP increased its stake in 2012, 2013
and 2015
Divestment within a public tender
offer launched by Hyster-Yale.
Continuous support in M&A
Support in growth strategy based
also on strategic acquisitions in
particular of Medasys (listed in
France).
Subscription of
capital increase
TIP subscribed the capital
increase of the company as
well as facilitated the
entry of new strategic
shareholders
Public tender offer launched
by competitor Dedalus
The integration between Noemalife
and Dedalus has created the
European leader in the clinical
health software.
First investment and
IPO
TIP advised the company in the
IPO process and invested in
Noemalife.
second shareholder after the
founder
second shareholder after the
founder
2007 - 2011 2012 - 2015 2016
2006 2007 - 2011 20162012

9. Tip – numeri chiave
EXPECTED IPO PIPELINE
9
Key figures
Listed on Nasdaq on Nov. 2015 - +90% since the IPO - market cap. of around 1,2 bln
TIP industrial “content” in the last few years has been: (i) technology: between 25% and 41%; (ii)
luxury / design: between 12% and 40%; (iii) healthcare / third age: between 10% and 17%; (iv) other
industries: between 16% and 30%; (v) cash: 0% / 17%.

2017/2018
www.eataly.it
www.iguzzini.com
2016/2017
www.octotelematics.com www.furla.com
www.roche-bobois.com www.beta-tools.com
2017/2018
2018/2019 2018/2019 2019/2020

10. Tip – numeri chiave
10
Cons. data in Euro mln Sales Ebitda notes on profits
Amplifon 804 119 all time record
Be 97 11 All time record
Eataly ~380 25/30 all time record
Ferrari 2.269 629 all time record
Furla 339 44 all time record
Hugo Boss 1.968 346
Slight decrease in profit
from all time record
Interpump 693 152 all time record
Moncler 639 n.a. all time record
Prysmian 5.660 527 all time record
Roche Bobois ~250 25/30 all time record
Average Ebitda margin of the main investee companies of about15%
Investments in more than 10 companies with worldwide leadership positions
*
*
* 2015 full year results
*

11. Tip – numeri chiave
11
Book value
Consensus
estimates 1
Amounts related to cash have been calculated net of short-term financial assets (liquidity investment in bonds) and liabilities and gross of bonds
outstanding due to their long-term nature.
1. Consensus estimates: includes the analytical valuation of each investment based on analyst estimates (Bloomberg) as at 11/11/2016
2. Intrinsic value estimates: analytical evaluation of each investment elaborated by TIP considering the medium-term outlook of the companies
Data in million Euro
~420
~ 650
Intrinsic value estimates 2
~ 830 ~ 830
Since 2007/2008
since 2010
since 2011 / 2012
since 2013
since 2014
since 2015
11
Assets
since 2016
Hugo Boss
Moncler
Interpump
Prysmian
Amplifon
Eataly
Azimut Benetti
Ferrari
Roche
Bobois
Be
Other (net of
financial debt)
Technology
Luxury /
design
Healthcare
and third age
Food & retail
Cash and
other

12. Tip – numeri chiave
50.966
171.844
219.855
261.220
75.638
328.840
550.920
875.909
13
101
195
280
-
50
100
150
200
250
300
350
-
100.000
200.000
300.000
400.000
500.000
600.000
700.000
800.000
900.000
1.000.000
2012 2013 2014 2015
TIP volumes (#) Value of daily trading exchange (Euro) Number of trades (#)
FTSE MIB
+7.3%
FTSE Small Cap
+10.4%
MSCI Small Cap
+87.7%
IT Star
+156.9%
MSCI Eur
+37.1%
Stoxx Eur
+59.6%
+144.2%
Volatility of 22.9% (vs 26.1% of Ftse Mib)
Average dividend yield: 2.3%
12
Target price
Price per share as at 02/12/2016: 3,504 Euro
4.00 Euro
4.30 Euro
24 / 10 / 2016
11/ 10 / 2016
x11,6
4.40 Euro
14/ 11 / 2016
0,500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500

13. Tip – numeri chiave
13
M&A transactions completed since
TIP / TIPO first investment in their
share capital
Since tip/tipo first investment THE AGGREGATE AMOUNT OF THE MAIN INVESTEE COMPANIES HAS INCREASED*:
annual revenues, from 11,1 to 16,0 billion Euro (+44,1%)
annual Ebitda, from 1,6 to 2,3 billion Euro (+39,6%)
number of employees, from about 46.000 to about 61.000 (+32,7%)
1 1
8
7
7
4
5
9
8
14
6
7 77
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total
*without considering the investment in FCA and Ferrari

14. Tip – numeri chiave
1. On July 2016, with the contribution of ~ 30 family offices on top of TIP
owning a 20% stake.
2. Investment holding that will give the shareholders the faculty to
choose – every time that a proposal arises – each individual investments
and to receive the shares of the specific class related to the
investment subscribed.
3. In order to maximize liquidity within five years a business combination
between ASSET ITALIA and TIP shall take place and Asset Italia shares
will be swapped with publicly traded TIP shares based on independent
and coherent valuations.
14
Asset Italia
THE club of TIP club deals
550 million Euro
total capital commitment

15. Tip – numeri chiave
15
Convertible loan of 15
million euro to be
automatically swapped into
Furla shares at the listing
one of the leaders worldwide in the production and
sale of high quality leather bags and accessories
 415 shops in >100 countries, >1,550 employees
 2015 revenues amounting to 339 million Euro, 80% out of
Italy (+30%), 44 million euro EBITDA (+29%)
During 2015 Furla opened many shops all over the world; the most relevant were the flagship
store in Rome - in Piazza di Spagna, on the Scalinata di Trinità dei Monti - New York, Hong Kong,
Madrid, Moscow, St. Petersburg, Vienna, Macau e Singapore and has a plan to open, in 2016,
further important shops in London, Paris, Melbourne and Shanghai
world leading manufacturer of mega - yachts
 15 times over the past 16 years ranked as first in the Global
Order Book
 11 shipyards, a sales network of 138 dealers in over 70
countries, > 2,100 employees, annual value of production of
over 700 million Euros
 controls Fraser Yachts, the world’s leading full - service
yachting company and many valuable port concessions
Investment of ~ 40 million
euro (75% via capital
increase) for a stake of
about 12%

16. Tip – numeri chiave
16
Acquisition of 100% of the
group (club deal) for ~200
million Euro
market leader in Italy in the production and
distribution of high-quality professional hand tools
 catalogue with more than 10,000 references
 about 530 employees
 3 production plants, more than 100 distributors worldwide,
direct presence abroad with 7 subsidiaries
TIPO recently increased its position in iGuzzini group
 In July 2016 TIPO and some members of the Guzzini family have
set GH S.r.l. for the purpose of acquiring 17.32% of the share
capital of Fimag S.p.A., that controls of iGuzzini illuminazione
S.p.A. and some other assets.
 Overall the implicit stake in iGuzzini (direct and indirect) is
around 24%.
Roche Bobois, iGuzzini and Beta Utensili business cases are examples of the capability of TIP / TIPO to
help families in the process of simplifying the shareholding and the governance in articulated
familiar contexts
During 2015 TIPO had
acquired a 14.3% interest
in iGuzzini, one of the
worldwide leaders in
architectural lighting
with annual sales in
excess of 230 million Euro

17. Tip – numeri chiave
17
 Digital is now pervasive in every sector
 Seed capital - early stage is one of the most
promising market
 Digital Magics is the main Italian incubator and
the only one with local presence (6 branches)
 Talent Garden (28% owned by Digital Magics and
25% by TIP and TIP’s F&F) is the main co-working
hub in Europe.
 Digital Magics: aggregated revenues of the
startups in 2015 of over 32 million euro (+ 74%).
2017 target: 100 million euro.
 Digital Magics: 9 companies with revenues higher
than 1 million
 TAG: 17 campuses in 4 countries. 2017 target:
>20 campus in Europe. Sales +750% in 2016
 60 startups in portfolio - more than 500 jobs
created
 Open innovation programs with major Italian
companies such as Poste, Nice, RCS, Il Fatto
Quotidiano and others
Booming
market
Leadership
Open
innovation
+
seed capital
+
early stage
Growth
+
structure
TIP has invested about 5 million euro in Digital Magics and today is the single biggest shareholder
with > 18%
1. "Preferred"
access to digital
markets
2. Support to TIP /
TIPO investee
companies to
approach digital
markets and
identify
"contiguous"
startups
3. Investment
opportunities in
the most promising
startups for TIP /
TIPO
Talent garden has successfully completed a round of financing of 12 million Euro mainly subscribed
by TIP and TIP families and friends, but also with prestigious international investors.

18. Tip – numeri chiave
NET EQUITY AND INVESTMENTS
*Consolidated group equity (including minorities)
**including associated companies measured under the equity method, AFS financial assets
and financial receivables
(1) Average net profit before tax in the last 5 years
20 million Euro
Aggregate net profit before tax of the last 5 years
above 100 million Euro
Data in million Euro
5 YEARS OF PROFIT BEFORE TAX
*
18
**
175
211
360 354
449
406
151
181
426 431
623 619
31/12/11 31/12/12 31/12/13 31/12/14 31/12/15 30/9/16
Net equity Investments
3,4
10,1
31,7
28,9 26,8
19,9
81,0
2011 2012 2013 2014 2015 9M
2015
9M
2016
(1)

19. Tip – numeri chiave
19
Key figures
 In july 2016 Clubsette (52% owned by TIP) has received a share allocation of a
5.125% stake in Moncler S.p.A., in execution of agreements with Ruffini
Partecipazioni. The liquidation of Clubsette is ongoing, a substantial part of the
pro-quota distribution to the quota-holders – net of any outstanding debt – has
been already performed and TIP owns directly its stake ( > 2 % stake).
 According to IAS / IFRS the transaction is giving TIP Group a capital gain of
around 78 million Euro, at consolidated level.
 2016 P&L: only considering the capital gain on Moncler reflected in the results
as at September 30, 2016, the current year looks like a really exceptional one,
from the profitability point of view.